Emergence of Multi-brand showrooms, Product Innovation & New Business Models are some of the new trends in the UK Used Car market
Social Media Dominance: The UK Used Car Market is almost entirely dependent on social media. Car dealers use blogs to generate traffic to their website from search engine results pages. They often put up educational content related to cars maintenance, help guides, knowledge material in order to create a brand presence which helps them in the long run. Moreover, unlike online portals and market places, social media provides an opportunity to dealers to advertise their cars for free which in turn increases their profit. Social media platforms like Facebook is also used by individuals involved in C2C purchases. Also, major dealerships use this platform to announce promotional offers and local events which increases their popularity among the masses.
Mid-age Popularity: According to the analysis, individuals in the age group 30-60 acquired almost 61% of the used car sales volume. The demand is basically fuelled by the consumers not wanting to buy new cars due to several factors, including the cost of licenses, and the decline in the vehicle’s value once they are licensed. It is to be noted that younger generation (18-30) accounted for 34% of the used car sales volume while the older generation (>60) accounted for only 5% of the sales volume.
For more information, Request a Free Sample Report
Increased demand for organized sector: Organised Channels accounted for 10-30% of the commission margin in 2021 with its presence being in urban & provincial areas. The main reason behind the popularity was Warranty, transfer of Ownership, Financing Options, Insurance, refurbishing Road-side Assistance. Moreover, organized dealerships also provide 3-12 months of warranty with certification.
Interest in Conventional Cars: In 2021, Conventional vehicles holds the largest share of ~97% followed by hybrid holding 2.5% and rest by Electric vehicles. However, recently in 2022, transactions for electric cars more than doubled compared with the same quarter last year, up from 6,625 transactions to 14,586 – an increase of 120%. Auto Trader, one of the leading online dealer reported that the average Used EV takes only 26 days to get sold from online portal while it takes 28 days for the average used petrol vehicle in UK to get sold as of 2021. In future, the UK used car market will expect about 30.7% growth in demand for hybrid, plug in-hybrid and pure electric cars.
Offline Sales: The sales of Used Car via network of Offline dealers has been considered among the most preferred sales channels in the country during with share of 60% during 2021. Many leading players have wide network of distributors located across the country and further planning to expand their network such as Arnold Clark, Lookers PLC and others. Arnold Clark has over ~193 dealerships in the country as of 2021. Moreover, increasing internet penetration and online trend across UK and worldwide further expected to push the overall sales of the Used Cars upwards in coming years.
Analysts at Ken Research in their latest publication, “UK Used Car Market Outlook 2026F- driven by declining production of New Vehicles in UK & affordability of used Cars due to increasing cost of living in the Country.” By Ken Research observed that the UK Used Car Rental Market is in the growing stage. Government initiatives & regulations to drive used cars are some of the factors that will promote the overall growth of the market in the upcoming years.
Key Segments Covered in the Report
- By Type Vendor
- Organized
- Unorganized
- By Type Of Vehicle
- Conventional
- Electric
- Hybrid
- By Type Of Fuel
- Petrol
- Diesel
- Others
- By Sales Channel
- Online
- Offline
Visit A link Request for Custom Report
- By Type Of Car
- SUV
- Crossover
- Sedan
- Hatchbacks
- Pickup Trucks
- Luxury
Key Target Audience
- Banks and its Subsidiaries
- NBFCs
- Captive Finance Companies
- Government and Institutions
- Automobile Companies
- Car Dealers
- Government and Institutions
- Existing Car Finance Companies
- OEM Dealerships
- New Market Entrants
- Investors
Time Period Captured in the Report:
- Historical Period: 2017-2021
- Base Period: 2021
- Forecast Period: 2022-2026F
Key Companies Covered
- Major OEM and Multi-Brand Outlets
- Arnold Clark Automobiles Limited
- Pendragon PLC
- Sytner Group Limited
- Lookers plc
- Vertu Motors PLC
- Inchcape PLC
- Available Cars Ltd
- JCT 600 Ltd
- Group 1 Automotive
Several Independent Dealers, Auction Houses
- Online Auto Classified Portals & Marketplaces
- Auto Trader Group PLC
- Motorpoint Group PLC
- Cazoo Ltd
- Cinch Cars Limited
- CarGurus UK Limited
- Executive Summary
- How is Used Car Market Positioned in UK
- Country Overview of Used Car Market
- UK Country Overview
- Key Demographic Indicators of UK
- UK Automotive & Used Car Market Overview
- UK Automotive Market Overview
- Passenger Car Landscape in UK
- Ecosystems of Major Entities in Used Car Market
- Overview and Genesis of Used Car Market in UK
- Value Chain Analysis
- Market Size of Used Car Market in UK, 2016- 2021
- Market Segmentation of Used Car Market in UK
- Market Segmentation By Vendor Type (Organized and Unorganized Vendors), 2021
- Market Segmentation By Vehicle Type (Conventional, Electric & Hybrid), 2021
- Market Segmentation By Fuel Type (Petrol, Diesel, Others), 2021
- Market Segmentation By Sales Channel (Offline and Online), 2021
- Market Segmentation By Type of Car (SUVs/Crossovers, Sedan/Hatchback, Pickup Trucks, Others), 2021
- Market Segmentation By Brand (Ford, Vauxhall, Volkswagen, BMW, Audi, Mercedes Benz, Toyota, Others), 2021
- Market Segmentation By Age of Vehicle (0-2 Years, 2-6 Years, 6-8 Years, 8+ Years), 2021
- Market Segmentation By Region (Scotland, North West, Yorkshire & the Humbert, West Midlands, East, London, South East, South West, & Others), 2021
- Customer Analysis
- Market Segmentation By Customer Age (18- 30 Years, 31- 60 Years, 60+ Years), 2021
- Market Segmentation By Gender (Male & Female), 2021
- Industry Analysis
- SWOT Analysis of UK Used Car Market
- Porter’s Five Forces Analysis of Used Car Market
- Growth Drivers in the UK Used Car Market
- Issues and Challenges in the UK Used Car Market
- Trends in the UK Used Car Market
- Government Rules and Regulations
- Key Legislations in the Automotive Market in the UK
- Pricing Analysis
- Pricing Analysis of UK Used Car Market, 2021
- Competitive Analysis
- Competitive Analysis for Major Offline Players
- Competitive Analysis of Major Online Players
- Cross Comparison of Leading Ten Offline Players in UK Used Car Market, 2021
- Cross Comparison of Leading Ten Online Players in UK Used Car Market, 2021
- Cross Comparison of Major Auction Players in UK Used Car Market, 2021
- Company-wise Sales Analysis of Major Offline Players in UK Used Car Market, 2021
- Company-wise Sales Analysis of Major Online Players in UK Used Car Market, 2021
- COVID-19 Impact
- Impact of Covid-19 on UK Used Car Market
- Future Outlook and Projections
- UK Used Car Market Size future forecast, 2022 – 2026F
- Future Market Segmentation By Vendor Type, 2026F
- Future Market Segmentation By Vehicle Type, 2026F
- Future Market Segmentation By Fuel Type, 2026F
- Future Market Segmentation By Sale Channel, 2026F
- Future Market Segmentation By Type of Car, 2026F
- Future Market Segmentation By Brand, 2026F
- Future Market Segmentation By Age of Vehicle, 2026F
- Future Market Segmentation By Region, 2026F
- GPS Enabled Cars
- Features of driverless Cars
- Analyst Recommendations
- Research Methodology
- Market Definitions
- Abbreviations Used
- Market Sizing Approach
- Consolidated Research Approach
- Sample Size Inclusion
- Research Limitations & Future Conclusion
- Disclaimer
- Contact Us
For more insights on the market intelligence, refer to the link below:-
Related Reports by Ken Research:-